SB1256

Missouri SB1256 modifies Uniform Commercial Code provisions for securities intermediaries and entitlement holders.

Missouri SB1256 modifies the Uniform Commercial Code to clarify the jurisdiction governing securities intermediaries and entitlement holders. It specifies that the local law of the issuer's jurisdiction governs the validity of a security and the issuer's duties regarding registration of transfer. It also establishes that the local law of the jurisdiction where a security certificate is located governs perfection and priority of a security interest. The bill repeals and replaces certain sections to ensure entitlement holders' claims have priority over creditors' claims in certain situations.